The short-term highway funding extension was passed by the Senate and the House of Representatives and was signed into law by President Obama on July 31, 2015. It contains several important tax provisions (H.R. 3236 (https://www.congress.gov/114/bills/hr3236/BILLS-114hr3236ih.pdf)). The bill changes the due dates for several common tax returns, overrules the Supreme Court’s Home Concrete decision, mandates the reporting of additional information on mortgage information statements, and requires consistent basis reporting between estates and beneficiaries.
Broadly speaking, the act establishes new due dates for partnership and C corporation returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns:
• With respect to the FBAR (a.k.a. FinCEN Form 114), the due date has been pushed up from June 30 to April 15, and for the first time, taxpayers will be allowed a six-month extension.
• The due date for Form 3520, Annual Return to Report Transactions With Foreign Trusts and Receipt of Certain Foreign Gifts, will be April 15 for calendar-year filers, with a maximum six-month extension.
For Partnership returns …
The new due date is March 15 (for calendar-year partnerships) and the 15th day of the third month following the close of the fiscal year (for fiscal-year partnerships). (Currently, these returns are due on April 15, for calendar-year partnerships.) The act authorizes the IRS to allow a maximum extension of six months for Form 1065, U.S. Return of Partnership Income.
For C Corporations …
The new due date is the 15th day of the fourth month following the close of the corporation’s year. (Currently, these returns are due on the 15th day of the third month following the close of the corporation’s year.)
Corporations are permitted a six-month extension with two exceptions. First, calendar-year corporations are entitled to a five-month extension until 2026. And second, corporations with a June 30 year-end are entitled to a seven-month extension until 2026.
When do these changes take effect?
These changes take effect for due dates after December 31, 2015. However, for C corporations with fiscal years ending on June 30, the new due dates will not apply until tax years beginning after Dec. 31, 2025.
Original Post By: Michael DeBlis
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4 comments on “FBAR Due Date Changed”
Regardless of when the due date is, my daughter is still too young to know how to file and too young to be allowed to renounce US citizenship. FBAR was supposed to go after drug lords, not innocent 10 year old children who don’t live in America.
So all deemed USC living abroad should send them a thank you note acknowledging their unbridled kindness? The US needs to just get over themselves, join the remainder of the world that taxes in a moral and just fashion by residency and remember that US laws end at the US borders. Why is that so difficult to understand?
The US had a shot at being a great nation, that has now been squandered. Extorting other nations, risking their status as reserve currency holder, invading other nations, re-writing the laws of other nations and violating their sovereignty has taken away any “specialness” or deserved respect that the US might once have held. They are even alienating their allies, place no value in good will and are in complete violation of the human rights code.
Because the US is the only remaining superpower and has such a dominant economy they had a moral obligation to do the right thing, to be a world leader. Instead they chose a different path and took advantage of that privileged status.
There will be much fallout, even to the US, from reneging on their moral/ethical duties and responsibilities. One such immoral atrocity is that they have actually rendered their own diaspora stateless. The US is trying to financially destroy them and have extorted other nations into not protecting them. Most cannot afford the US’s uniquely impossible process for renouncing.
One wonders if the leaders of the US have all gone insane. Are they so insular they cannot see the long term effects of what they legislate? Why are they not held accountable by the press for this fool’s errand?
This FATCA mess riding along to support extraterritorial taxation is scraping the bottom of the barrel in the immoral unjust categories. The most heinous of all: rendering the tax deferred accounts of disabled children useless. Not allowing the mentally incapacitated to renounce US citizenship nor their guardians to renounce for them is simply beyond disgusting. Entrapping and robbing the least able amongst us is a new international low.
Mr. Deblis, are you not ashamed of your country?
Questions
1. Is there a possibility of an automatic two month extension similar to 1040 filings for persons residing outside the US?
2. What are the procedures for filing an extension? We file many FBARs for clients and it is a struggle to get requisite information by June 30.
You say these changes tax effect for due dates after 12-31-15. Don’t you mean for tax years beginning after 12-31-15? If it took effect for due dates after 12-31-15 it would take effect this next tax season and partnership tax returns for example would be due 3-15-16, I don’t believe this is the case.
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